Kyrgyzstan’s Parliament passed a law ratifying the agreement on the formation of the Turkic Investment Fund in its first reading.
“The member nations of the Turkic Organization will establish the Turkic Investment Fund,” Kyrgyzstan’s Deputy Minister of Economy and Commerce, Nazarbek Malaev, said.
The fund’s authorized capital will be $500 million. Paid shares and callable shares make up the authorized capital.
“The shares having a total par value of $350 million are considered paid shares, whereas shares with a total par value of $150 million are considered callable shares,” according to “AKIpress” News Agency.
Kyrgyzstan’s portion is $70 million, which will be paid from the national budget over a three-year period.
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